The argument rages on over whether rent-stabilized leases can be used as assets in bankruptcy proceedings. In the Court of Appeals yesterday, lawyers for stabilized leases as debt compensation argued that they are indeed tradable property, as those against (A.G. Schneiderman, BdB) argued that stabilized leases can't be considered property because tenants neither buy nor sell them. Sounds like this is a case that will be up in the air for a while. [WSJ; previously]
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